Industry is the foundation of economy. Weak industrial base is the weakness of a large number of developing countries. Productivity cooperation between China and the countries along the Belt and Road not only meets the urgent needs of the southern countries for industrialization and urbanization，but also helps China to improve its industrial competitiveness and become a worldwide powerful manufacturing country. Currently，“the Belt and Road” productivity cooperation is steadily forging ahead and makes many new progresses. One of these progresses is that Political trust among countries is being strengthened. Another progress is that Cooperative environment is continuously being optimized. Besides，Productivity cooperation framework is continuously being improved and institutionalized. Overseas Economic and Trade Cooperation Zones have become important carriers of productivity cooperation between China and southern countries. Investment and trade are growing rapidly along “the Belt and Road”. But，there are also three main challenges in “the Belt and Road” productivity cooperation，including the increasingly complex external international environment，negative international public opinion pressure and the overlapping of multiple risks.